Jashfx
Active member
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Totally Agree with what you say. STD FMT rules are to open position at 06:30am assuming 2 indiactors are in agreement and nothing to do with any other tech indicators or news announcements. So today FMT lost the trade. I for one, stick to the rules (as many on here do) and by doing so have seen a profit every month for last 3 and half months. Its a system that, like any other will have winners and losers but as we all know and have experienced wins more times than it loses. Only change I have personally made is reduced Target from 40 to 35 pips when advised by Mark due a number reaching bt 35 and 40 pips and retracing to BE.
Trading at 2%risk from begining September has produced the following growth:
Sept -- 12.27% (on starting balance)
Oct --- 10.75% increase (on begining of month balance). 24.34% (compounded after 2 months)
Nov -- 3.25% increase (not a great month but still positive) 28.5% (compounded).
Just trying to say that yes, one week will be better entering early and the next better entering at correct time and sometimes risking 40 will be worse off than risking 60. So many combinations but if one just sticks to the simple method, the above is what can be achieved.
Good thing is that this is a once a day trade -- therefore making it impossible to overtrade your account so one could actually risk more than 2 % per trade. 4% risk would of seen nearly 60% return (compounding) in 3 months (BY JUST STICKING TO THE RULES-- and taking the rest of the day off to do as you please).
My 2 cetns worth.
Deatil
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I understand what you are saying, I was trying to point out the “real” move came at the release of the UK employment number.
Which were a weak outcome for the GBP, and at that point anyone could have re-entered and archived the same take profit base on a fundamental news release. If we are honest those who were watching the P/A, saw that the drop in P/A picked up steam almost were the original trade was entered at around 1.5721 then it just picked up speed.
Now if the numbers had gone the other way and been good for the UK the same drop we saw could have just add to the bounce that we were in before the news release, which caused a 46 pip bounce (Bid to Bid) plus the spread so the Ask price would have made it more like 50 pips of heat against the trade, and a positive release for the employment figures would at the very least caused about a 12-20 pip spike further up taking out all stops below 70 pips.
This was the only real point I was trying to make, when I wrote that it had nothing to do with FMT or Turbo and was just a fundamental reaction.
But I am glad for you and anyone else who stayed in the trade and made pips, like they say “no risk, on gain”
Hi Wiseambitions
Since 2nd December, following the signal to trade or not to trade I have had out of a possible 10 trades
5 winners
2 no trade mornings
3 losers
This has made me a total of 15 pips. I am using a 25 take profit & 40 stop loss with no break even.
Is this what I should expect?? Do you use the EA signal which tells you to trade or not or interperate the charts? I am using Alpari (UK).
This week Paul (see link to his blog below) traded Mon & Tues gaining 60 pips when I did not have a signal to trade.
https://sites.google.com/site/morningforex/
Your comments/ help would be greatly appreciated as I am getting really dis- heartened!
Thanks,
Icepop
Since 2nd December, following the signal to trade or not to trade I have had out of a possible 10 trades
5 winners
2 no trade mornings
3 losers
This has made me a total of 15 pips. I am using a 25 take profit & 40 stop loss with no break even.
Is this what I should expect?? Do you use the EA signal which tells you to trade or not or interperate the charts? I am using Alpari (UK).
This week Paul (see link to his blog below) traded Mon & Tues gaining 60 pips when I did not have a signal to trade.
https://sites.google.com/site/morningforex/
Your comments/ help would be greatly appreciated as I am getting really dis- heartened!
Thanks,
Icepop
BorisViven
Junior member
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Hi Fluegel !
have you recently changed your settings ?
because before it was 2 trades :
- 50SL, TP25, no BE
- 50SL, TP 40, BE25
Thanks !
Dominique
FMT results for me today:
6:00 start, sell trade hit TP=30
6:30 start, sell trade hit SL=44
-14 pips profit today
for the week, still +106 pips profit
the 6:00 start time has hit TP every day this week, hey folks, this is a nice option to FMT.
tomorrow will be my last day trading until January 5th, 2011.
cheers !
6:00 start, sell trade hit TP=30
6:30 start, sell trade hit SL=44
-14 pips profit today
for the week, still +106 pips profit
the 6:00 start time has hit TP every day this week, hey folks, this is a nice option to FMT.
tomorrow will be my last day trading until January 5th, 2011.
cheers !
Last edited:
deserteagle
Active member
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Hey, thanks for the information, I will backtest 6:00 start during this christmas holidays, then I will inform you the results.
Ok thanks !
It's working nicely and adds profit to FMT, I got the idea from TMT, I do not own TMT, but I think this will work just as well...
FYI: I use settings SL=44, TP=30, Be=20.
cheers !..
If you have Windows XP
Go to control panel and then click on Security Center. At the bottom click on automatic updates, then a box will come up with four choices. I have mine set to auto download but I chose when to install. That way you are in control if the updates need to reboot.
RedGuerrilla
Active member
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- 1
12-15-2010
FMT 4.1
Loss
-40 pips
Total: +69 pips - since 11-08-2010
Stats: 8 BE, 5 No Trades, 9 Profits, 6 Losses
Broker: FXSolutions - 4 decimal point price charts
and fixed spreads, Live Account
Settings: 40 SL, 20 BE, 35 TP
There is no system that will only win. Losses are a part of the trading, and what matters is the positive result at the end of the month or year, not today’s loss. - from FMT manual p. 27
FMT 4.1
Loss
-40 pips
Total: +69 pips - since 11-08-2010
Stats: 8 BE, 5 No Trades, 9 Profits, 6 Losses
Broker: FXSolutions - 4 decimal point price charts
and fixed spreads, Live Account
Settings: 40 SL, 20 BE, 35 TP
There is no system that will only win. Losses are a part of the trading, and what matters is the positive result at the end of the month or year, not today’s loss. - from FMT manual p. 27
wiseambitions
Established member
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Your willingness to be open and to share your results is much appreciated. On one hand one might be querying whether the gain is sufficient, yet on the other it is positive and far better than any bank account, and the system is very capable of providing wealth in the longer term measurement. Keep at it!
RedGuerrilla
Active member
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- 1
Thanks, the pips may be low, but considering it's the holiday season, this trading system is proving, it can make real money!
Last edited:
As I said in my previous post, I stopped using the above settings. I bought TMT and am now trading with TMT only. After doing some backtests, I found that different settings work better with TMT.
I really love TMT... It does bring more profit than FMT!
Cheers
mudder1310
Junior member
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TMT = Turbo Morning Trade. A new EA.
